Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1887-06-15
SILVER PLACED.

Silver bullion can now be bought and
sold on the floor of the New York Stock
Exchange.
The Covering Committee of the Ex.
change has placed the certificates repre-,
senting silver bullion on the regular list
These certificates will be classified under
"mining shares" and dealings in these
will be commenced as soon as the certif.
Gates come from the hands of the en-
gravers.
The application for the listing of these
''silver bullion certificates" was signed bv
two we'll known Stock Exchange frms-E.
K. Willard d Co., who are supposed to have
lost their best customer when Mr.. w. B.
rravers died, and Jones, Mccormick & Ken
nett, OF whom Mr.. n. s. Jones, the, Chicago
grain operator, is the senior partner. The
fret named firm embraces two members of
the New York Stock Exchange, and the lat
ter four members.
In a statement of the reasons whv they
advocated the issue of the certificates the
two firms in question say: "The primary
advantage is 20 enable dealings and to
iford safe and easy way of handling sill
YER bullion, but the principal object is to
facilitate commercial transactions that are
based upon the prices" They go on to saw
that "a large percentage of our foreign
trade is transacted with countries using eI-
clusively silver currency" and that the
price of silver bullion sis matter Of abso-
lutte necessity to importers from and ex-
Dorters to such countries" Again thev saw:
"We believe that making silver easily
handled will transfer the market from Lon
don to New York, and that we shall accu-
nulate the requisite quantity of silver bull
ion here to form the necessary reserve for
commercial transactions, and that naturally,
having the largest stock, this will be the
best market to buv In"
Soma of the Governors were opposed to
the listing of the certificates on the ground
that the dealings in them could be of no
benefit to legitimate trade, and would only
afford an opportunity for questionable spec-
ulation. They argued that "a fair price for
silver bullion" is now fixed every day in the
open markets of the world, that disturbance
TO legitimate trade would be caused by vio-
lent fluctuations in the quotations made
lere or by attempts to corner it, and that
such attempts would surely be made when
the certificates became the subject of daily
speculative transactions on the Stock EI-
change. The opponents of the measure fur
ther argued that the normal fluctuations in
silver are so slight that the commissions or
other profits on legitimate trading would be
slight and not at all sufficient to compen-
safe the Exchange for the risks and dan
gers of possible speculative movements.
The advocates of the measure, however.
were in majority, and after long discus
sion it was voted 10 admit the new com
modify to the floor of the Exchange. The
new silver bullion certificates will be steel
engraved, and in form will closely resemble
petroleum oil certificates. The bullion on
which they are to be issued will be deposited
with the Mercantile Safe Deposit Company.
and the certificates must be Registered and
countersigned by Mr.. Mannino's Western
National Bank, which will make the de-
l'veries the bullion on deposit to be under
looks TO be controlled by both concerna-
Each certificate will be for 900 Ounces os
silver, ZOO fine, and not less shall be- d.
livered than 1000 ounces 998 fine, which
shall he reduced 60 1000 fine. Any excess
over 1000 ounces 1000 hne, which exceas